Authorities: NY Judge Opens Door to Swiss RecordsA federal judge authorized the Internal Revenue Service to require UBS AG to produce records about U.S. taxpayers who may hold bank accounts in Switzerland to evade hundreds of millions in federal income taxes.

Sen. Al Franken said that he will push the Securities and Exchange Commission in the coming months to remove conflicts of interest between securities rating agencies and the companies that pay them to rate financial products.

About 100 small banks have stopped reporting financial details about their operations to the Securities and Exchange Commission since April, when a law was enacted that aimed to lower the regulatory burdens for small companies.

President Barack Obama nominated Mary Jo White, a former U.S. attorney who built a reputation prosecuting white-collar criminals, terrorists and mobsters, to lead the Securities and Exchange Commission. The agency has a lead role in implementing changes on Wall Street.

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